All 23andMe board members but CEO resign over no adequate buyout offers

Board Resignations and CEO's Response - Seven out of eight board members of 23andMe have resigned, leaving the CEO as the sole remaining member [1] - The resigning directors cited dissatisfaction with the CEO's buyout offer, stating it was not in the best interest of non-affiliated shareholders [2] - The CEO expressed surprise and disappointment at the resignations, maintaining that taking the company private remains the best strategic option [3] Buyout Proposal and Rejection - The CEO proposed to acquire all outstanding shares not owned by her or her affiliates at $0.40 per share in July [4] - A special committee rejected the proposal, deeming it insufficient and not in the best interest of non-affiliated shareholders [5] - The directors noted no significant progress over the past five months, leading them to believe no satisfactory proposal is forthcoming [6] Financial and Market Performance - 23andMe's share price dropped to a new low of $0.30 following the board resignations, rebounding slightly to $0.35 the next day [7] - The company is now valued at less than its cash reserves and is being referred to as a penny stock by financial publications [7] - Since going public in 2021, 23andMe has never turned a profit and risks depleting its cash reserves by next year [8] Operational Challenges - 23andMe is best known for its saliva-based genetic ancestry test kits [8] - The company has faced significant challenges, including a data breach that compromised the personal information of nearly 7 million users [8]